Wall Street Bullish on Spyre Therapeutics, Inc. (SYRE) with Strong Buy Rating

Spyre Therapeutics, Inc. (NASDAQ:SYRE) is among the 14 best booming stocks to buy right now. On January 5, Wells Fargo reiterated a Buy rating on the stock, with a price target of $40.

The update follows Mizuho’s initiation of coverage on the stock on December 18 with an Outperform rating and a share price target of $53, where it cited potential in the company’s pipeline of anti-monoclonal antibodies to treat inflammatory bowel disease (IBD).

In November, the biotech company shared positive findings from its Phase 1 human trial of SPY003, an extended half-life antibody to cure IBD. The tests performed on 59 participants with varying doses showed that the drug was well received at all levels, with a half-life of nearly 85 days, strengthening the case for quarterly or two annual maintenance doses.

According to TipRanks, in a research note to investors, Mizuho praised the company’s expertise in testing new combinations for treatments, which could help drive growth in the future. The firm projects Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s global sales to reach $1.7 billion by 2035.

Wall Street analysts have a bullish outlook on the stock with a consensus Strong Buy rating and a one-year average share price target of $56.67, representing an upside of 72.77% as of January 12.

The company’s shares have surged by over 69% in the past three months, driven by growing investors’ optimism from trial results for SPY003, promising recent analyst updates, and third-quarter results in November, which showed a sharp decline in net loss from $69 million in the prior year’s period to $11.2 million.

Spyre Therapeutics, Inc. (NASDAQ:SYRE) is a biotechnology company focused on developing treatments for inflammatory bowel and rheumatic diseases.

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